New York, USA, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Webtoons Market Overview:
The global Webtoons Market is growing rapidly, witnessing the rise in producers and distributors of digital comics or cartoons specifically formatted for online consumption. Webtoon has become a rapidly growing segment of the entertainment industry as more and more people are embracing digital platforms for entertainment. The increasing use of digital platforms for entertainment is a key driving force.
Technology advances and the rise in mobile devices & online platforms impact digital comics' production, distribution, and consumption. According to Market Research Future (MRFR), the global webtoons market value is poised to escalate from USD 3.9 BN in 2022 to USD 67.6 BN by 2032, growing at a 37.30% CAGR throughout the review period (2023-2032).
The webtoons market encompasses a broad range of genres and styles of digital comics. Webtoons are created by professional artists or amateurs and can be distributed through online platforms, such as mobile apps, websites, and social media. Webtoons enjoy widespread popularity worldwide as more people become aware of the unique storytelling format and its accessibility through digital platforms.
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Webtoons Market Key Players:
Leading webtoon market players are:
- BOMTOON
- Marvel Unlimited
- TAPPYTOON
- NHN Comico Corp.
- DAUM Webtoon And Company
- IZNEO WEBTOON
- Kakao Corp.
- Sidewalk Group
- Naver Webtoon Corp
- Lezhin Entertainment
- Among others.
Scope of the Report – Webtoons Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 67.6 Billion |
| CAGR during 2023-2032 | 37.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Development of new business model across globe |
| Key Market Dynamics | Increase in digital comic and rising popularity of webtoons in entertainment sector |
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Industry Trends:
As the webtoons market continues to garner significant traction, more new business models and revenue streams, such as merchandise and licensing deals, are expected to emerge. With more players entering the space and established corporations expanding their offerings, the market will likely become more competitive in the coming years.
With more people becoming interested in digital comics, the demand for webtoons is likely to continue to grow. The expanding popularity of webtoons in other regions of the world will create new opportunities for artists, publishers, and other players in the industry. Besides, emerging revenue streams will create new opportunities for artists and publishers to monetize their content and build sustainable business models.
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Webtoons Market Segmentation:
The webtoons market report is segmented into types, revenue models, applications, and regions.
- By Type - The type segment is sub-segmented into comedy, action, sci-fi, horror, romance, and others. Romance is the largest market segment, witnessing significant popularity. Romance is one of the most widely read comic genres on the webtoon platform, as it allows readers to connect with the story & characters and feel the real emotions of the stories.
- By Revenue Models - The revenue model segment is sub-segmented into subscription-based and Ads-based. Among these, the subscription-based segment accounts for the largest market share. A subscription-based business model allows for more revenue, as customers pay on a regular basis to access the service.
- By Application - The application segment is sub-segmented into mobile phones/smartphones, laptops, tablets, and televisions. Of these, the mobile phone segment accounts for the largest market share, as people are increasingly relying on their mobile phones to watch digital entertainment platforms. The convenience that app store platforms offer increases user engagement and screen time. As a result, mobile phone applications are becoming more and more popular.
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Competitive Analysis:
The well-established webtoons market appears fragmented, with several large and small players forming a competitive landscape. Market players initiate strategic approaches such as acquisition, collaboration, expansion, and product launches to gain a larger competitive share in this market.
These players also focus on innovating and developing new services, fuelling the intensified market competition. The high growth prospect that the market demonstrates attracts several new entrants, which will intensify the market competition further.
For instance, on April 21, 2023, Apple Inc. announced a partnership with Amazon.com Inc. to enter the flourishing webtoons market. Apple's market entry will likely expand the reach of the webtoon ecosystem worldwide, which has strong intellectual property competitiveness. Korean webtoon studio KENAZ will exclusively distribute content on Apple Books and launched a webtoon page for Japanese users. KENAZ will exclusively provide Korean webtoon content to Apple, starting with releasing more than 20 original webtoon series in Japan.
Regional Analysis
APAC holds a major share of the global webtoons market. The region is a large and growing market for digital comics, including webtoons. The presence of a strong base of webtoon creators and audiences boosts the webtoons market size. Besides, the rapidly growing population that is well-connected to the internet and digital platforms substantiates the region's webtoons market share.
Webtoon formats are well-suited to mobile devices widely used in the region. The thriving entertainment industry in the region, which has many companies and platforms focused on producing and distributing digital content, boosts the webtoons market size. Japan, China, and Taiwan are lucrative markets for webtoons, witnessing a significant following.
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